Vestas generated revenue of € 3,798m in the first nine months of 2011, which was in line with the year-earlier period. EBIT declined by € 136m to € (84) million. The EBIT margin was (2.2) per cent. The free cash flow improved to € (218) million from € (878) million in the first nine months of 2010. The net debt at 30 September 2011 amounted to € 834 million; a decline of € 237 million during the quarter.
The intake of firm and unconditional orders was 4,211MW in the first nine months of 2011 and the backlog of firm and unconditional orders amounted to € 8.0 billion at 30 September 2011. Vestas retains the guidance for 2011 announced on 30 October 2011. Due to the expected weak economic growth in the OECD area, Vestas does not expect to be able to reach the earlier announced Triple15 ambition of € 15 billion in revenue and an EBIT margin of 15 per cent in 2015. In the medium term, Vestas aims to realise a high single-digit EBIT margin with a normalised US market and at the same time, increase its market share. Revenue in the service business is expected to grow faster than the sale of wind power plants. In connection with the presentation of the annual report for 2011, Vestas will change and adjust its organisation in order to reduce fixed costs and allocate more resources to direct customer-oriented activities in individual markets.
The intake of firm and unconditional orders was 4,211MW in the first nine months of 2011 and the backlog of firm and unconditional orders amounted to € 8.0 billion at 30 September 2011. Vestas retains the guidance for 2011 announced on 30 October 2011. Due to the expected weak economic growth in the OECD area, Vestas does not expect to be able to reach the earlier announced Triple15 ambition of € 15 billion in revenue and an EBIT margin of 15 per cent in 2015. In the medium term, Vestas aims to realise a high single-digit EBIT margin with a normalised US market and at the same time, increase its market share. Revenue in the service business is expected to grow faster than the sale of wind power plants. In connection with the presentation of the annual report for 2011, Vestas will change and adjust its organisation in order to reduce fixed costs and allocate more resources to direct customer-oriented activities in individual markets.